Chile copper exports up 17% to $4.44B in October

CarolinaPica

The value of Chile's copper exports in October surged to $4.44 billion from $3.78 billion in the same month of 2011 due to higher international prices for the industrial metal, the central bank said Wednesday.

Chile is the world's largest copper-mining country, producing a third of global supply and the local mining industry, according to the central bank, represents about 15% of the country's gross domestic product.

During October, copper averaged $3.66 a pound, according to state copper commission Cochilco's market data, versus $3.32 a pound the same month last year.

In addition to benefiting from higher prices, Chile has also been increasing its copper production this year when compared with 2011.

The nation's overall mining exports, including molybdenum, iron, silver, iodine and lithium, increased to $4.82 billion in October from $4.13 billion the same month a year earlier.

In 2011, the value of Chile's copper exports rose 6% on the year to $42.63 billion, while the value of its mining exports grew 9% on the year to $48.15 billion.

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